The Cryptonomos Platform and the Giga Watt (WTT) Token

16Jun 2017

If you have been following us for a while already you have probably noticed that we are not big fans of ICOs and we aren’t covering much of these, even though lately there is a boom of Initial Coin Offerings and it seems that pretty much everyone is releasing tokens for something. There are however some that we do mention and take part into, mostly in serious ICOs that are being pushed by entities that already have some good product or service available and have some background and not just promises that might as well turn out to be empty. Once in a while there are some that are really worth talking about and that goes not because they have generated a lot of noise or have managed to secure insane amount of funding, but because they are really something worthwhile, different, disruptive and so on. A recent such example is Brave’s Basic Attention Token (BAT) that we have covered as we’ve been following the development of the Brave browser for a while already.

Another interesting ICO that we think is worth talking about and taking a part in is the Giga Watt (WTT) Token that is currently ongoing and will continue until July 31st or until all of the 30 Million tokens are sold. The Giga Watt WTT token are being issued on the Ethereum blockchain like many others that we have seen recently, but what is different here than most other ICOs is the fact that the launch of the ICO is together with a whole platform to support the token (as well as other future tokens). One of the issues with Ethereum ERC20 tokens we are seeing is that normally they are not very easy for people that are not more into Ethereum to take part into… the process is just really not that easy for not so technical or “into crypto” type of people.

The WTT tokens are being distributed via the new Cryptonomos platform for token sales as well as management. The Giga Watt (WTT) Token is essentially the first token launched together with the platform for easy purchase and management of the available tokens by the user. This eliminates the need for the user to look for compatible Ethereum wallets and to do complex things in order to take part into an ICO based in a crowdsale essentially significantly lowering the requirements and removing many of the obstacles. Thanks to the Cryptonomos platform you can easily transfer Bitcoin (BTC), Ethereum (ETH) or cash via a wire transfer and use them to purchase WTT tokens, and probably other tokens in the future as well. You should be also able to transfer tokens in and out of the platform when they are abvailable just like you would do if using a compatible Ethereum wallet for interacting with smart contracts. Of course there is the other point of view regarding the use of a dedicated platform – you are not in full control of your tokens like you can with an Ethereum wallet for example where you hold the private keys for the wallet.

Let us get back to Giga Watt (the former MegaBigPower), a USA-based company offering crypto mining hardware as well as hosting for it and of course enough electricity to power it and keep it cool. The company offers also users to host their own existing miners and even an add-on paid option of emergency equipment repairs in case of an issue in order to minimize downtime. The release of the WTT token allows the token holders to gain access to Giga Watt’s facility at a lower hosting rate, which in turn significantly increases the mining rewards. Each Giga Watt Project Token (WTT) represents the right to use the Giga Watt processing center’s capacity, rent-free for 50 years, to accommodate 1 Watt’s worth of mining equipment power consumption. Token owners can use the capacity they purchase to accommodate their own miners or if they don’t own or plan to purchase any miners to take advantage of the hosting offer to just rent it out to other users. The idea that Giga Watt has is to use the token sale to be able to expand their capacity and to reward token holders that help them achieve that, so a win-win for both sides. For all the details about the Giga Watt (WTT) token and the plans of the company issuing it you should take a look at the detailed WTT token whitepaper (PDF) where everything is explained in much more details and all your questions should be answered.

4 Responses to The Cryptonomos Platform and the Giga Watt (WTT) Token

Word of warning!
Over one month after promised deadline for WTT tokens project launch, we still haven´t seen a $hit – we cant rent out our purchased tokens or use them for our hardware hosting facilities! Several thousands of dollars invested lies in the dust (in their bank accounts) since June 2017 and we havernt received single cent of revenue so far.

Strongly suggest EXTREME caution dealing with them, there is not even single word about the delay on their webpage! HIGHLY SUSPICIOUS! POTENTIAL FRAUD!!!BEWARE OF CRYPTONOMOS / GIGWATT!!!! Considering legal step against them atm!

Not sure why they have not posted more details on their website about the delay for Batch 3 and 4 for token releases (could have handled this better), but they have sent mails explaining the reason that should have been received by everyone participating in the ICO sale…

September 1st:
First I want to thank everyone for the positivity we’ve been experiencing both via online channels as well as at the open house events! I’ve also received a TON of really supportive energy from the community and I can’t thank you enough… it really keeps us all going when there’s huge amounts of hard work to do.

Unfortunately, I have to announce a delay in construction which will block us from issuing Batch 3 tokens on time. We’ve been working tirelessly to bring pods out of the ground, but several conditions related to the construction and planning process have introduced additional delays that are now clearly keeping us from turning up as many pods as planned for Sept and October. The process of building the pods and deploying equipment is going as expected. The real time-impact has to do with permitting, planning and inspections. Our GigaPods were virtually the first purpose-built blockchain processing facilities these people had ever seen, and it has caused small delays at every turn.

The good news is that we are through most of that. We have educated the stakeholders in two counties about our GigaPod construction processes and how the finished product looks and works. I expect these types of delays to become less and less now that it has become familiar to them.

Our construction crews and electricians are getting pod construction down to a science. We will continue to run day and night crews to bring up as much power capacity as possible, as soon as possible.

On the topic of hardware arriving in September: there’s significantly less equipment arriving in September than the amount of power we are building, so it becomes a little easier to see through to getting it all running. I expect to have much of the September hardware running soon after it comes in. Because the construction process is not a perfect science, its hard to know exactly when backed up gear will be put into service. To mitigate the situation, GW is seeking any and all alternative solutions to get gear running as soon as possible so that it won’t just sit on the warehouse shelves. As a miner myself, I know just how important that is to our customers.

I’m sure that questions and concerns will still linger, so I am planning to make myself personally available on chat channels in order to answer questions whether to the group or to me personally. I do appreciate your continued patience and support. I want you to know that the whole GW team is directly focused on getting tokens issued and miners running as fast as humanly possible.

It’s always hard to maintain communications and transparency during the chaotic startup phase, but we are committed to improving on this front. We are improving our support to clients slower than we and everyone wanted but are progressing on that. Within the next 3 to 4 business days I will begin releasing weekly updates to help everyone track progress along the new timelines. I aim to improve confidence in Giga Watt and significantly reduce concerns you may have going forward.

September 26th:
Giga Watt has continued to make steady progress on construction despite delaying factors out of our control. I want to thank those of you sending supportive messages and acknowledge the frustrations felt by some of you sending us not-so-supportive messages.

The process of building a Giga Pod involves a number of discrete steps, from initial site planning to final inspection. Many of these steps involve reviews, approvals and inspections by the local government agencies in charge of development, safety and standards. Some of these critical steps are taking longer than planned. They cannot be “pushed” or expedited in any way other than our persistent daily communication with agency heads and bureaucrats in charge of these processes. There is simply no accurate way to estimate a finishing date for the project, as delays are neither consistent nor predictable. When able, we aim to provide best estimate of time schedules, always subject to delays as encountered.

Giga Watt’s project represents a very large new step in scaling our emerging industry of Blockchain Computing. The scale and uniqueness of this project is unprecedented and alien to local authorities in rural counties of Washington state. As we advance this technological frontier, we must also comply with existing and antiquated regulatory standards until new standards can be developed. Giga Watt is working hard to define those new standards to pave a smoother path for future build outs.

We have completed the first Giga Pod associated with Batch 3. When this pod receives final electrical inspection approval, Giga Watt will issue the first 1.2M WTT tokens to Batch 3 holders. This should happen within two weeks.

We have just received the first of two building permits for our next six pod developments, which provides the rest of the power capacity to Batch 3 and most of the power for Batch 4 WTT holders. Permit in hand, We estimate the build time for this next phase to be 8-10 weeks.

What happened upon final L&I Inspection for Pod One?

After several visits to inspect the pod during construction, and on the morning of final approval for occupancy, Washington State Labor & Industries notified us of a requirement that the equipment we run inside the pod shall be UL Listed. To date, in over four years of building projects and running this very same equipment, this has never been required.

Underwriters Laboratories

Underwriters Laboratories (UL) is a nationally recognized, independent product safety certification organization. UL is also affiliated with the Underwriters’ Laboratories of Canada (CUL). With public safety the heart of UL’s mission, UL acts as a safety resource and advocate. UL works closely with customers, regulators, insurers, retailers, consumers and others on research, technology, safety and education initiatives.

UL listing is oriented towards public and consumer safety standards for electronics. Obviously our GigaPods are not public spaces and only operated by trained personnel. Confoundingly, our inspectors still applied this standard.

What does the UL listing requirement mean to Giga Watt?

The blockchain processing units made by all manufacturers are not yet UL Listed. This is a market-maturity benchmark and we will see these manufacturers increase their product certifications over time. I have personally notified BitMain of this requirement and they assured me that they will begin the process immediately, though it takes months to complete.

This means Giga Watt has to find a replacement for all non UL power supplies, which include the power supplies our customers purchased with their mining units. That process has been underway since we were informed of this requirement, and I expect to have substitute power supplies in hand before we need them for the next pod. UL has also indicated that fans used on the mining units themselves may not be UL compatible. Giga Watt is assisting with document discovery related to those components as well, in order to either document or replace fans as needed to be compliant.

Additional inspection related items

A few additional final inspection related items “popped up” on these recent visits. We addressed and resolved these issues immediately upon being informed of the “new” requirements. There are no current outstanding inspection issues other than the UL Listed power supply and fan requirement.

Testing

Giga Watt is taking advantage of a short term opportunity to run some equipment under test. For a few weeks following final inspections, provided that there are no code violation or compliance issues, we will operate equipment under a Testing Period guideline.

Questions and concerns will still linger, so I continue to personally discuss the project on official Giga Watt support chat channels in order to answer questions. I do appreciate your continued patience and support.

The 3rd batch of tokens from Giga Watt have now been released into Cryptonomos accounts. Batch 3 token buyers can now transfer those tokens into their Giga Watt account where they can be utilized for mining needs or rented out to other miners.

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